Business 15 April 2026 Daily Monitor (Uganda)
Uganda Insurers Target SMEs as Insured Population Reaches 506,000
Uganda's insurance sector has grown its coverage from 405,837 to 506,119 people between Q2 2024 and Q2 2025, yet penetration stays at about 1%. Insurers are now prioritizing SMEs and the informal sector with affordable products to boost uptake. Source: https://www.monitor.co.ug/uganda/news/national/insurers-shift-focus-to-smes-as-coverage-hits-506-000-5424996
Uganda’s insurance industry continues to expand, with the number of insured individuals rising from 405,837 in the second quarter of 2024 to 506,119 in the second quarter of 2025, according to the Insurance Regulatory Authority.
This growth spans life, medical, motor third-party, property, and liability insurance, as noted by Paul Muhame, Chairman of the Insurance Brokers Association of Uganda (IBAU). However, insurance penetration remains low at roughly one percent of the population.
Ahead of the 8th Annual Insurance Brokers Conference in Mbarara from April 22-24, 2026, themed ‘Trust: Reimagine, Deliver on the Promise,’ leaders are pushing for better claims handling to build confidence.
To drive sustainable expansion, insurers are shifting from high-end clients to SMEs and informal sector workers. Daniel Kairu of ICEA Lion General Insurance stressed the need for simple, affordable products tailored to these groups, moving beyond traditional offerings for property owners and big businesses.
Joseph Nsubuga, CEO of Mirai Insurance, echoed this, focusing on downtown traders and first-time insureds. He advocated starting insurance education in schools, with his company already supplying materials to Kiswa Primary School.
Technology is aiding access via mobile platforms, banks, brokers, and agents, making services easier for everyday Ugandans. Experts agree that targeting the underserved is key to insuring millions more.